Ethereum Flashes Rebound Signal After Holding the $3,053 Line

ETHUSD is showing early signs of recovery after nearly a month of steady decline. On the 12-hour chart, the price has held above the key support level of $3,053, which marked the most recent low. Since that point, ETHUSD has rebounded about 9%, suggesting that short-term selling pressure may be easing.

The RSI shows a clear bullish divergence, where price made lower lows but RSI formed higher lows between September 25 and November 4. This pattern often signals fading bearish momentum and a potential reversal. ETHUSD still trades within a falling channel, keeping the broader trend bearish, but a confirmed 12-hour close above $3,338 would validate a rebound setup. The next resistance sits at $3,799, followed by a potential breakout target of $4,000–$4,260.

From a derivatives view, nearly $1.2 billion in short positions are clustered between $3,320 and $3,740, compared to just $330 million in long exposure. A move above $3,338 could trigger short covering, accelerating price gains. On-chain data adds mild support: large holders have modestly increased their positions, and the NUPL ratio near 0.27 shows most weak hands have already exited.

A daily close below $3,053 would invalidate the rebound case, but holding above it keeps ETHUSD’s path open toward the mid-$3,000 range.